Observe
Not predict

Markets are complex adaptive systems. We can’t predict the future. Our job is to see the patterns that are unfolding in front of us.

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Observe globally
Not just locally

History has shown that economic patterns unfold in waves across geographies and markets. We observe patterns in construction markets across Asia-Pacific, North America, Europe and Africa.

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Big and tactile
Not big and abstract

We believe in Gall’s law and are obsessed with founders who believe in a big tactile change in construction and mining — not an abstract or fringe idea.

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Instant user value
Not long time-to-value

We observe that technologies deliver instant value that scale exceptionally fast in construction and mining. That’s why we love to back founders who combine a long-term vision with instantaneous customer value.

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Immediate growth
Not immediate margins

We see why initially high margins are enticing, but we always opt for an opportunity that is ultimately defensible to increase margins at the right time. We believe in blitzscaling.

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Ultimately defensible
Not eroding

We go for spaces where we discover differentiating emerging tech and early customers begin to spread the word. We then back the team that has what it takes to become the defensible #1 in that space.

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Tech or market risk
Not tech-and-market risk

Technology outcomes are more linearly predictable than market outcomes. We love to exploit big opportunities where we begin to observe emerging market demand among early adopters in one or more markets.

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Outsized will
Not outsized ego

Markets are complex adaptive systems and there’s only a limited amount of factors a founder can control. We back people who excel at adapting in fast-paced adaptive environments and who have an outsized will to succeed.

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Edge convictions
Not consensus convictions

Innovation opportunities pay off in non-linear ways. We back ideas that can generate power law returns, and outperform the market. You don’t get there following consensus views. We go after non-consensus opportunities.

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Unknown to everybody
Not just unknown to us

We trust Richard Zeckhauser: When others have a head start, they use it for their advantage. We don’t want it to become our disadvantage. This is why we favor opportunities in which everybody either does or doesn’t know the likely outcome yet.

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